Via Bloomberg:
“For those who believe that you need to own digital currency as a store of value in the worst-case scenario, that’s exactly the case in which a digital currency will work the least,” he said. “The last thing I’d want to own is Bitcoin if the grid goes down.”
Food would be better, he said.
…“We’re now nine years into this bull market, same as the ’90s, so I suspect that now things are starting to percolate,” he said, singling out Bitcoin and initial coin offerings for other tokens. “This is simply a security speculation game masquerading as a technological breakthrough in monetary policy.”
Precisely. It’s not a means of exchange and never will be. Nor is it a store of value so what is it?
A nothing.
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